Mortgage Lending Reached £9.2 Billion in February

The latest Council of Mortgage Lenders figures indicate that mortgage lending his £9.2 billion for the month of February 2010. The figures include both secured loans for residential property purchase and remortgages as well. £9.2 billion marks a 6% increase on January’s figure of £8.7 billion.

The Council of Mortgage Lenders acknowledges that an increase in lending throughout February, the shortest month of the year, is unusual. However, this can most likely be attributed to the fact that the end of the stamp duty holiday for properties valued between £125,000 and £175,000 had a considerable impact on the figures for January and February.

The figures are down on last year’s numbers but as the UK emerges from the recession, it is hoped that the market will recover and that mortgage finance will become more readily available.

According to figures from Nationwide, the average house value in the UK in February was £161,320.